There has been much discussion regarding the Personal Property Security Act (PPSA), so I thought I would write a blog about how we have made sure that Storman can assist you with this moving forward.
Under the new legislation, the new Security Register Requirements means that when you come to auction, sell / dispose of goods, etc, you will need to check the register for any entity that has “security interests registered against it”.
If you as the manager or owner of the facility find that the goods do have an interest against them then it is up to you to contact that person/ entity and negotiate the claim. This means that if you do not do this properly there will be consequences.
As a result of this my understanding (and I will clarify this at SSAA legal training next week) is that if a search is performed a document (PDF) can be downloaded to say that a search was made and these are the results. This is called a “Search Certificate”; check out this great video for more details.
Our new v9 release, due out any day now, will allow you to store the Search certificate within Storman so that you have it permanently attached to that customer! This will ensure that you can prove that you did the search at a later date if you have to prove it.